Congress has passed and President Trump has signed the CARES Act. This is a massive, $2.2 trillion package that in over 800 pages provides sweeping relief to virtually everyone in some way, shape or form in response to the Coronavirus pandemic.

You’ve got lots of questions for how this will affect you.

Below are various links to sources of currently available information.  We have tried to sort these items between personal and business and give urgency to time sensitive issues.

→  CARES Act for Business Update – April 3, 2020

→  Paycheck Protection Program (PPP) Loans; Employee payroll tax credits; Delay of Employer Payroll taxes

The CARES Act attempt to assist small business is primarily through the Payroll Protection Program (PPP). Many details of the program have not been identified as of now, but we have summarized available information. Also included is a downloadable and informative PDF created by the U.S. Chamber.

Please contact us immediately to assist you in the analysis and plan of obtaining a PPP loan. Our engagement to assist you would include the following:

• Analysis of the available loan and the alternative for payroll tax credits or unemployment programs that may exceed loan forgiveness in some circumstances.
• Analysis of the possible forgiveness alternatives
• Consultation on process and procedure to help in the forgiveness calculation
• Introduction to several SBA approved lenders
• Assistance with forms required and development of a streamlined loan package for submission

You need to act quickly to obtain the maximum loan forgiveness under the PPP loan program.

→ Families First Coronavirus Response Act

→ Stimulus Checks, Unemployment Benefits and other Individual Tax Benefits

→ Business Tax Benefits (coming soon)

→ Virginia Unemployment Claims

→ Simple Guide to IRS and Virginia Tax Deadlines

→ Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees in Connection with COVID-19

→ Federal Aid Package Helps Individuals Affected by COVID-19

→ IRS Releases COVID-19 Payment Relief

→ FAQ: IRS Tax Return Filing and Payment Relief

 

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The professionals at Harris, Hardy & Johnstone, P.C. are here to help. Please contact us below: